The TD Sequential indicator flashes a buy signal for XRP’s weekly chart, signaling potential bullish momentum.
Ripple releases 400 million XRP from escrow, while a whale transfers 27 million XRP to a centralized exchange, increasing the token supply.
Despite recent bearish trading, optimism remains as XRP’s price hovers around $0.5374.
Renowned cryptocurrency expert Ali Martinez points to a significant development for XRP. The TD Sequential indicator has signaled a buy opportunity on XRP’s weekly chart.
This signal suggests the possibility of bullish momentum in the near term, particularly if XRP can maintain a weekly close above the $0.57 mark. Projections indicate a potential surge beyond $0.63, with some optimistic scenarios even eyeing $0.65.
The TD Sequential indicator has issued a buy signal on the $XRP weekly chart, indicating potential bullish momentum. If #XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65. pic.twitter.com/D35ogC4jIW
— Ali (@ali_charts) February 25, 2024
In parallel, data from Whale Alert reveals a massive transfer of 427 million XRP. This includes 400 million XRP released from escrow by Ripple, as well as nearly 27 million XRP moved by a prominent XRP whale to a centralized exchange.
Despite these significant movements, the immediate outlook for XRP appears bearish based on current trading patterns. However, Martinez’s positive assessment has injected optimism into the crypto community, suggesting a potential turnaround for the embattled token.
Whale Alert’s data highlights Ripple’s release of a substantial quantity of coins worth over $217 million from escrow on February 25. Simultaneously, the aforementioned XRP whale executed a transfer of 27.40 million XRP valued at almost $15 million to Bitstamp, a leading exchange based in Luxembourg City.
The influx of newly released XRP into the market, coupled with the sizable transfer to a centralized exchange, has increased the token’s supply and exerted downward pressure on its price. Over the past 24 hours, XRP has experienced a modest decline of 1.76%, currently trading at $0.5374.
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